Got this one thanks to BiggerPockets

A few months back I posted a question about renovation loan options. We needed a renovation loan but weren't eligible for 203K because we currently have an FHA loan. Big thanks to @Mike Martin Who suggested we look into a little-known loan option called Fanie Mae Homestyle. Fast forward a couple months through a slow escrow and we now have title and 65k renovation budget on this cute little two house fixer on a beautiful acre.

@Jason Krick , Yeah, apparently the Homestyle loan isn't very widely known. I had guy who's done lots of 203k's for many years say I was the first person that had ever asked about that loan by name. I hear more folks just started offering it recently. Seems like a good option to know about. Can be used for owner occupy or investment property.

I looked at the picture before I read the post....and thought "that looks like northern California. I wonder where that is?" -- then noticed you were from Ukiah! Small world -- my husband grew up there!

@Martin Scherer my understanding is that a 203K renovation loan is a type of FHA loan and you can only have one FHA loan at a time. The Fannie Mae homestyle loan is A renovation loan but it is not an FHA loan. So you can have an FHA loan and still be eligible for a Fannie Mae homestyle loan. The Homestyle loan can be used as an owner occupied loan with 5% down or as an investor loan with 20% down.

Free eBook from BiggerPockets!

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!